Petrom Boosts Natural Gas Output

05.19.2011 By Andrei Circhelan

Romania's largest oil company OMV Petrom (SNP.RO) Thursday said it has increased natural gas production following investment in redevelopment at several mature reservoirs and the start of five wells which provide some 6% of the company’s daily output.

The five new wells contributed significantly to the increase of the domestic gas production in the first quarter of this year which reached more than 93,000 barrels of oil equivalent/day, Petrom said in a news release.

Company official Johann Pleininger said the company has invested more EUR4 billion in exploitation and production, and it plans to maintain this level of investment in the future.

OMV Petrom is owned by Austrian oil and gas group OMV.